Demand, Demand, Demand -- October 18, 2018

The "price must be right." From oilprice.com:

Tankers carrying some 22 million barrels of Iranian crude are on their way to the Chinese port of Dalian, Reuters reports, citing ship-tracking data, and noting this is a record-high amount of crude from Iran to be received by Chinese clients amid falling imports to other large clients, such as Japan and South Korea.

Both countries earlier this month said they had completely suspended their purchases of Iranian crude ahead of the U.S. sanctions, which will enter into effect on November 5.
Dalian is a major oil hub in China and, Reuters notes, Iran has used storage facilities at the port to keep crude during the previous international round of sanctions against Tehran. The usual rate of Iranian crude oil cargoes going into China has been between 1 million and 3 million barrels monthly.

Reuters’ data confirms earlier reports from TankerTrackers.com, which repeatedly warned that Iran’s oil exports have not fallen by as much as official shipping data suggests: NIOC tankers began switching off their transponders to conceal their routes earlier this year.

WTI is holding. Holding above $69.

Natural gas is down 2.6% today. Link here.

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The Animal Husbandry Page

Fill in the blank:

calf : yearling : cow :: lamb : ______ : sheep

For those who have the book, the answer is on page xlvii, Aenied, Virgil, translation by Frederick Ahl, c. 2007.